HALIFAX—CarbonCure Technologies Inc., a green technology company serving the concrete sector, has closed a $3 million Series C investment round. The oversubscribed round was led by Pangaea Ventures, a world leader in advanced materials venture capital.
The investment will be used to accelerate sales in the concrete masonry sector, and expand CarbonCure’s CO2 utilization technology platform into the ready mixed concrete sector.
CarbonCure retrofits concrete plants with a technology that recycles waste carbon dioxide to make affordable, greener concrete products.
Pangaea is joined by investors from the previous investment rounds including BDC Capital, as well as several new strategic investors from the construction, clean technology and industrial gas industries, including Power Generations Inc., a Florida-based cleantech investment fund.
Investors from previous rounds are pleased with the ongoing growth the company is enjoying. “We continue to be impressed with CarbonCure’s progress creating value for concrete producers, architects and builders; now is the time for rapid commercial rollout, which this funding round will fuel,” said Tony Van Bommel, Partner at BDC Capital.
Pangaea invests in high-growth companies utilizing advanced materials technology to solve critical global challenges. “Pangaea has been following CarbonCure for several years now and we are delighted to now be partnered with this industry leading team. With a scalable, capital efficient business model and attractive customer economics, we see no reason why the company’s technology won’t be ubiquitous in the industry within a few years,” said Andrew Haughian, Partner with Pangaea Ventures.